The European Commission has announced a fine of €344 million against UBS, Barclays, RBS, HSBC and Credit Suisse for participating in a Foreign Exchange “spot trading cartel.”
“Foreign exchange spot trading activities are one of the largest financial markets in the world. The collusive behaviour of the five banks undermined the integrity of the financial sector at the expense of the European economy and consumers,” said Executive Vice-President Margrethe Vestager, in charge of competition policy.
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